NOW Accounts. In addition to the General Rules, your Checking Account and Negotiable Order of Withdrawal (NOW) Account will be subject to the following rules:
NOW Accounts. A NOW account is an account which consists solely of funds in which the entire beneficial interest in such account is held by (i) one or more individuals, including a sole-proprietorship, (ii) a not-forprofit organization operated primarily for religious, philanthropic, charitable, educational, political, or other similar purposes, or (iii) a fiduciary, provided that all beneficiaries of such account are natural persons. The Bank reserves the right to require at least seven (7) days’ written notice prior to withdrawal of funds from a NOW account
NOW Accounts. NOW accounts are commonly called interest checking accounts. Federal law provides that NOW accounts may only be opened and used by the following customers: - individuals (including sole-proprietors), - certain non-profit organizations, and - federal, state or local governmental entities If we believe that you are not eligible to own a NOW account, we may either close the account or convert it to another type of account. When we refer in this agreement to checking accounts, the reference includes NOW accounts. Demand Deposit Accounts Demand deposit accounts are commonly called checking accounts. All types of customers can open a demand deposit account. Demand deposit accounts do not earn interest. When we refer in this agreement to checking accounts, the reference includes demand deposit accounts.
NOW Accounts. Super NOW accounts are available only to sole proprietors and nonprofits.
NOW Accounts. In addition to the General Rules, your Checking or NOW Account will be subject to request must describe the item or account with reasonable certainty and the following rules:
NOW Accounts. NOW Accounts may only be established by individuals, by certain non-profit organizations and by governmental entities. Bank will require a minimum average daily balance to open and maintain a Now Account, which minimum shall be set by Bank from time to time. There will be no maintenance fee on a Now Account in any calendar month when the average daily balance is higher than the required minimum. In any calendar month when the average daily balance is less than the required minimum the Now Account will be debited a main- tenance fee for that month. The maintenance fee may be varied by the Bank at its sole discretion from time to time. The balance of the Now Account will earn simple interest on collected funds at such rate as Bank deems appropriate from time to time at its sole discretion, during any calendar month when the average daily balance of such Account is higher than the required minimum. The Bank will credit your Account monthly with the interest due. There is no limitation as to the number of checks or transfers made from such Account. Bank, however, is re- quired under federal regulation to retain the right to ask for seven (7) days’ written notice before you may withdraw from the above referenced Accounts.
NOW Accounts. 95,663 1,257 1.31 80,121 1,041 1.30 58,576 1,161 1.98 Money Market Accounts............ 93,715 2,249 2.40 99,536 2,493 2.50 97,975 2,515 2.57 Certificate of Deposit Accounts.. 882,775 49,487 5.60 737,018 39,668 5.38 547,562 29,807 5.44 Borrowed Funds................... 403,414 23,396 5.80 311,363 17,514 5.62 180,055 10,560 5.87 -------- ------- -------- ------- ------- ------- Total Interest-Bearing Liabilities............... 1,911,411 86,828 4.54 1,669,960 71,653 4.29 1,237,785 52,985 4.28 --------- --------- --------- Non-Interest Bearing Liabilities.... 82,853 46,036 18,919 --------- --------- --------- Total Liabilities........... 1,994,264 1,715,996 1,256,704
NOW Accounts. 39,795 33,107 0.75 --------------------------------------- Total interest-bearing deposits ... 966,726 789,923 Non-interest bearing deposits: Demand accounts ..................... 35,287 28,594 ------------------------- Total due to depositors ........... 1,002,013 818,517 Mortgagors' escrow deposits ........... 9,812 10,065 0.38 --------------------------------------- Total deposits .................... $1,011,825 $828,582 ======================================= -------------------------------------------------------------------------------- Flushing Financial Corporation and Subsidiaries > 35 -------------------------------------------------------------------------------- The aggregate amount of time deposits with denominations of $100,000 or more was $100,926,000 and $75,175,000 at December 31, 2002 and 2001, respectively. Interest expense on deposits is summarized as follows for the years ended December 31:
NOW Accounts. 80,121 1,041 1.30 58,576 1,161 1.98 25,275 485 1.92 Money Market Accounts ............... 99,536 2,493 2.50 97,975 2,515 2.57 91,051 2,283 2.51 Certificate of Deposit Accounts ..... 737,018 39,668 5.38 547,562 29,807 5.44 267,340 13,318 4.98 Borrowed Funds ...................... 311,363 17,514 5.62 180,055 10,560 5.87 105,657 6,349 6.01 ------- ------ ---- ------- ------ ---- ------- ----- ---- Total Interest-Bearing Liabilities ................ 1,669,960 71,653 4.29 1,237,785 52,985 4.28 725,370 28,361 3.91 Non-Interest Bearing Liabilities ..... 46,036 ------ 18,919 ------ 11,719 ------ ------ ------ ------ Total Liabilities .......... 1,715,996 1,256,704 737,089 Stockholders' Equity ............... 154,030 154,071 157,460 ------- ------- ------- Total Liabilities and Stockholders' Equity. $1,870,026 $1,410,775 $894,549 ========== ========== ======== Net Interest Income/Interest Rate Spread (2) .................. $61,636 3.22% $47,387 3.17% $32,899 3.11% ======= ==== ====== ==== ======= =====
